The U.S. Financial Culture of Risk.

The authors discuss evolution of the culture of risk in the U.S. financial market. They examine the rise of a speculative, aggressive and short-term financial culture that has misdirected the social role of financial markets. Among such roles are to promote economic growth, encourage long-term investments, and promote accountability of financial institutions. They examine the issues behind the meltdown of the financial market in the years 2007-2009.